Germany’s chemical industry is looking better than expected in the first half of the year, the industry association VCI reported in Frankfurt on Monday.
This means that the forecasts for the year as a whole remain unchanged. Turnover is expected to increase by 1.5% in 2024 and production by 3.5%.
In the first six months, revenue fell by 1% to €112 billion ($121 billion), mainly due to the 4% drop in producer prices.
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At the same time, production rose by 3% thanks to a pick-up in orders. However, many plants are still not being utilized to the same extent as before the coronavirus crisis.
“There is a silver lining, but there can be no talk of a stable upward trend,” says VCI President Markus Steilemann.
“The slight signs of recovery are no reason to cheer. We do expect the order situation to improve over the course of the year. However, the signs of a slight easing must not obscure our view of the location problems: In addition to a lack of orders, energy prices and bureaucracy are our biggest concerns.”
dpa